Bitcoin (BTC) May Test $3000 If It Doesn’t Break Above $4000 Soon According To Cryptocurrency Analysts

Following the 2018 cryptocurrency winter, cryptocurrency prices are yet to recovery against the USD. Some analysts believe that this may be the new price range for Bitcoin and other cryptocurrencies. The most dominant members of the financial industry, whales, industry insiders, manipulators, and Wall Street investors have decided to impose a price lull for Bitcoin (BTC). The volatility of BTC has fallen by 98% long-term even if there have been short-term bouts in selling and buying.

Analysts Talk About The Price Volatility Of BTC

The chief executive officer of Blockforce Capital, Eric Ervin, recently said that the volatility in the price of BTC has reduced significantly long-term. In his words:“The 14-day volatility of BTC has been declining steadily over time. It is moving downward from its all-time-high of 140 to its current level 60. This is the lowest volatility BTC has reached since 2018.”Even if a drop in volatility is a sign of a maturing market, many analysts are still trying to determine where Bitcoin is heading next. According to one of Forbes contributors, Charles Bovaird, many industry insiders have placed the price of BTC within the $3000 to $5000 range. An in-house analyst at eToro, Mati Greenspan, said that the price of BTC is going to be stuck in a mid-range of $3500 and $4000 as the consolidation in the market increases. He said that BTC is going to be in a broader range of $3000 to $5000 but it is having difficulty reaching the higher part of the range.

Ervin said that the chances of a breakout is inbound and BTC is most likely in the early stages of a pennant formation. He noted that a fall to $3000 will be possible or there will be a breakthrough out of $4000. He said that the price will most likely move higher than $4000 in the near future.”Another industry insider, Jon Pearlstone said that the trading volume of Bitcoin is reducing and this isn’t a good thing. He said that the only way a move to the upper part of the range will be possible is if the price is able to surge above $4000 short-term. If it unable to move above the $4000 level, it will fall below $3000.

Even if the volatility of Bitcoin has reduced significantly, there is still the possibility of a price swing that will take the price of BTC up or down by 15%. This will be enough to move either to the upper or lower part of the price range. Josh Ranger, a well-known cryptocurrency trader from America said that Bitcoin’s volatility may be inbound. He said that the last two consolidations that took place on Friday and Saturday show that a high volatility is on the way.

When Will Bitcoin Bottom Out?

While many analysts have predicted a sideways range for BTC, there is evidence that Bitcoin hasn’t found a bottom yet. Murad Mahmudov said that BTC may bottom out at $1,700 or $2,200 before Spring. Some others claimed that Bitcoin bottomed out at $3150. All we can do is wait and see.

At the time of writing, BTC was trading at $3,754.78. This shows that it is up by 2.52% against the USD with a trading volume of $5,339,668,534 and a total market capitalization of $65,668,770,572. Hopefully, the flagship cryptocurrency will trade in green throughout the weekend.